5 Tips to Succeed in Laboratory Sales

Summary

This live stream features a discussion between Mike and Scotty Jenkins from Premier Medical Labs about key success factors in laboratory sales. Scotty shares insights from his experience, emphasizing the importance of product knowledge, communication, and persistence. He advises starting with unique services to win clients gradually, instead of pushing for a full switch. Scotty also highlights the value of going the extra mile for clients and being transparent, even when delivering bad news. The conversation concludes with a discussion on compensation in laboratory sales and opportunities for aspiring reps.

Takeaways

• 💡 Understanding lab products and services is essential for success in laboratory sales. Know your panels and be ready to answer questions, but don't be afraid to follow up if you're unsure.
• 🚀 Start small with a unique offering to ease potential clients into using your lab services instead of pushing for a full switch immediately. Offering something exclusive can build trust and lead to larger opportunities.
• 📞 Always communicate, especially with bad news. It's better to be upfront about issues so practices can make adjustments. Lack of communication can lead to losing accounts.
• 🎯 Persistence is key, but don't overdo it. Maintain a balance to avoid annoying clients by being available but not overbearing.
• 💼 Go the extra mile, such as personally delivering samples or being available after hours. This level of dedication builds loyalty and strengthens relationships with clients.
• 📝 Set expectations with clients and their staff from the start, particularly regarding potential patient billing issues. This can prevent future misunderstandings and improve trust.
• 💪 Sales success isn't just about being smart or cheating the system; it's about being the first to provide value and solve client pain points efficiently.
• 🔄 Lack of communication and high patient billing complaints are common reasons why labs lose accounts. Being proactive in addressing these issues can help retain clients.
• 💰 Top performers in laboratory sales can earn significant compensation, with top-tier reps making over $300,000 annually. Even part-time reps can make close to six figures.
• 🤝 Premier Medical is actively looking for both full-time W-2 reps and 1099 channel partners, offering an opportunity for those interested in lab sales to join their team.

Q & A

What is the key to success in laboratory sales according to Scotty Jenkins?

Scotty Jenkins emphasizes knowing your products, being able to answer questions about the panels, and not being afraid to say you'll get back to someone if you don't know the answer.

How does Scotty Jenkins suggest starting a relationship with a new facility?

Scotty Jenkins suggests starting with a unique service that sets you apart from competitors and gradually building the relationship from there.

What does Scotty mean by 'delicate persistence' in sales?

By 'delicate persistence,' Scotty means being persistent without overdoing it, maintaining a level of comfort for all parties involved.

Why is communication so important in laboratory sales?

Communication is crucial because it allows for adjustments to be made when there are issues, such as delays or errors in testing.

What does Scotty advise reps to do when they can't get a hold of someone at a facility?

Scotty advises reps to be available and communicative, even when delivering bad news, because it's better than no news at all.

How does Scotty define 'going the extra mile' in laboratory sales?

Scotty defines 'going the extra mile' as being available at odd hours, providing quick turnaround on results, and personally delivering samples to the lab if necessary.

What was the downfall of the rep who had a hot-selling drug and didn't need to work hard?

The downfall was that he didn't develop the skills and discipline needed for sales when the product wasn't selling itself anymore, and he lost his clients.

What are the major pain points for practices when it comes to their current lab situation?

The major pain points are turnaround time and lack of communication, which can cause difficulties in patient care and scheduling.

Why do reps typically lose accounts in laboratory sales?

Reps typically lose accounts due to lack of communication and surprises such as unexpected high bills for patients.

What is the potential income for top-performing laboratory sales reps?

Top-performing reps can earn around $300,000 a year, with the very top earners making more than the CEO of Premier.

What is the mid-range compensation for full-time laboratory sales reps?

The mid-range compensation for full-time reps is around six figures, including salary, bonuses, and other benefits.